Tesla Motors Inc.'s stock dropped 3.2% in active premarket trade Friday, after Barclays analyst Brian Johnson slapped the equivalent of a sell recommendation on the electric car maker, saying the Model X rollout was not the technical boost he had expected. Johnson cut his rating to underweight, after being at equal weight since August 2013. He lowered his stock price target to $180, which is 21% below Thursday's closing price of $226.72, from $190. "Launch events typically generate a run-up into the event, with some payback after. Yet last week's X launch failed to boost the shares--indicating a lack of 'story'-driven buying support," Johnson wrote in a note to clients. He said the slow Model X launch reinforces his view that Tesla will "significantly miss" 2015 delivery guidance, and also calls into question whether the anticipated Model 3 will launch on time. The stock fell 4.8% in the week leading up to the Model X launch late on Sept. 30. Since then, it has slumped 8.7% through Thursday, compared with a 4.9% rise in the S&P 500.
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